Wednesday, November 19, 2025
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Multifamily

Jefferson-Cove-Grand-Prairie
DevelopmentMultifamilyTexas

JPI Begins Leasing 283-Unit Apartment Community in Grand Prairie, Texas

by Taylor Williams

GRAND PRAIRIE, TEXAS — Locally based developer JPI has begun leasing Jefferson Cove, a 283-unit apartment community in Grand Prairie, located roughly midway between Dallas and Fort Worth. Jefferson Cove offers one-, two- and three-bedroom floor plans that feature ceramic tile backsplashes, individual washers and dryers and private patios/balconies. Amenities include a pool, fitness center, dog park, outdoor grilling and dining stations, a conference room, resident lounge and multiple courtyards. Rents start at $1,420 per month for a one-bedroom apartment.

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CaliforniaLoansMultifamilyWestern

MWest, BGO Receive $47.5M Refinancing for The View Apartment Building in Los Angeles

by Amy Works

LOS ANGELES — CIM Real Estate Debt Solutions has provided a $47.5 million loan through a CIM-managed fund to a joint venture between MWest Holdings and BGO. The borrower will use the proceeds to refinance debt on The View, a 13-story multifamily building in the Koreatown neighborhood of Los Angeles. Located at 3460 W. 7th St., The View features 158 studio, one- and two-bedroom units in a variety of floorplans. CIM Group acquired The View in August 2013 following the completion of a comprehensive renovation of the property, which was originally built in 1965. MWest and BGO purchased the asset in December 2018 after CIM Group completed a variety of improvements to the residences and the property’s leasing and management. The current owners have continued to invest in upkeep and improvements to the property, including its common areas and community amenities.

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Saxum-Real-Estate-Philadelphia
DevelopmentMultifamilyNortheastPennsylvania

Saxum Real Estate Breaks Ground on 187-Unit Multifamily Project in Philadelphia

by Taylor Williams

PHILADELPHIA — New Jersey-based developer Saxum Real Estate has broken ground on a 187-unit multifamily project in Philadelphia’s Northern Liberties neighborhood. The project marks the second phase of a larger, 466-unit development. Amenities will include a pool, courtyard, fitness center and a dog wash. Michael Klein, Tom Didio and Ryan Ade of JLL arranged undisclosed amounts of construction financing through Corebridge Financial and joint venture equity from an unnamed partner on behalf of Saxum Real Estate. Information on floor plans and an expected completion date was also not disclosed.

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LoansMassachusettsMultifamilyNortheast

Largo Capital Arranges $17M Construction Loan for Multifamily Project in Amherst, Massachusetts

by Taylor Williams

AMHERST, MASS. — Largo Capital, a financial intermediary based in upstate New York, has arranged a $17 million construction loan for a 67-unit multifamily project in Amherst, about 90 miles west of Boston. The property will house a mix of one-, two- and three-bedroom units and roughly 7,000 square feet of ground-floor commercial space. Ned Perlman of Largo Capital arranged the financing. The names of the direct lender and borrower were not disclosed.

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Affordable HousingDevelopmentIndianaLoansMidwestMultifamilySeniors Housing

Merchants Capital Provides $17.4M in LIHTC Equity Financing for Affordable Seniors Housing Community in Fort Wayne

by Kristin Harlow

FORT WAYNE, IND. — Merchants Capital has provided $17.4 million in Low-Income Housing Tax Credit (LIHTC) equity financing for the construction of Reserve on Park Place, an affordable seniors housing community in Fort Wayne. Brown Capital Group, Leo Brown Group and Rogers Development Group are developing the 187-unit property. Restricted to seniors age 55 and older, the three-story community will feature 15 studios, 136 one-bedroom units and 36 two-bedroom units for residents earning up to 80 percent of the area median income. The units are designed to support senior and special needs with features such as handrails, grab bars, intercoms, limited access and video surveillance. Completion is slated for April 2025.

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AcquisitionsIllinoisMidwestMultifamilySeniors Housing

OneLife Senior Living Acquires 70-Unit Property in Suburban Chicago

by Kristin Harlow

VERNON HILLS, ILL. — OneLife Senior Living has acquired the former Springs of Vernon Hills Alzheimer’s Special Care Center in the Chicago suburb of Vernon Hills. The firm has since rebranded the 70-unit property as The Laurel at Vernon Hills. OneLife retained all 59 staff members, and reviewed and updated benefits, wages and best practices for staffing. OneLife reduced temporary agency staff and increased permanent team members. The Laurel at Vernon Hills provides memory care services for people with Alzheimer’s and other forms of dementia. The community features large hallways, a circular design, fully enclosed courtyards and enhanced security. The seller and sales price were not provided.

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AcquisitionsIllinoisMidwestMultifamily

Interra Realty Brokers $8.1M Sale of Chicago Apartment Building

by Kristin Harlow

CHICAGO — Interra Realty has brokered the sale of a 69-unit apartment building in Chicago’s Rogers Park neighborhood for $8.1 million. Located at 7219 N. Sheridan Road, the property features three studios, 37 one-bedroom units, 21 two-bedroom units and eight ground-floor retail spaces. Kevin Rahmanim of Interra represented the buyer, a local private investor. The sale marks the first time the building, which was constructed in 1931, has transacted in over 50 years. The local private seller was self-represented.

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Affordable HousingDevelopmentIllinoisMidwestMultifamilySeniors Housing

NHP Foundation Completes Renovation of 57-Unit Affordable Seniors Housing Property in Chicago

by Kristin Harlow

CHICAGO — The NHP Foundation (NHPF) has completed a major renovation of the Edwin C. Berry Manor Apartments in Chicago. The Section 8 seniors housing property is located at 737 E. 69th St. The rehabilitation project was made possible by a financial partnership between HUD, Merchants Capital, Illinois Housing Development Authority, National Affordable Housing Trust and UnitedHealth Group. The 57-unit community, built in 1991, marks the fourth property that NHPF has acquired or built in Chicago in the last five years and the first specifically for seniors. The units are fully leased. The project team included Weese Langley Weese, Burling Builders Inc., Solis Construction and baso ltd. Operation Pathways, a subsidiary of NHPF, will provide social and enrichment services to the residents. An onsite resident services coordinator will work with residents to support aging well in their independent living spaces.

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DevelopmentMichiganMidwestMultifamilyStudent HousingTop Stories

American Campus Communities Underway on $631M Student Housing Project at University of Michigan

by Kristin Harlow

ANN ARBOR, MICH. — American Campus Communities (ACC) is underway on the development of a $631 million student housing project at the University of Michigan in Ann Arbor. Plans call for a new residential community with five residence halls totaling 2,300 beds and a 900-seat dining facility, the largest of its kind among academic institutions, according to ACC. The university engaged ACC in a public-private partnership to lead the development of the project, which is situated on Central Campus between East Hoover Avenue and Hill Street. RAMSA is serving as the architect of record and Elkus Manfredi Architects is the interior architect. According to ACC, the development signifies the first Central Campus residence halls built specifically for first-year students since 1963 and will significantly alleviate a decades-long shortage of on-campus housing. “This important new student residential community allows all first-year students who want to live on the University of Michigan Central Campus to do so,” says Graham Wyatt, partner at RAMSA. “It will provide affordable and uniquely appropriate residential communities and amenities for the first- and second-year students who live there, and it will create a crucial link between Central Campus and the Athletic Campus.” To make way for the …

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Haven-at-Elgin-Houston
DevelopmentMultifamilyStudent HousingTexas

Ascendant Development Completes 649-Bed Student Housing Project in Houston

by Taylor Williams

HOUSTON — Ascendant Development has completed Haven at Elgin, a 649-bed student housing project that serves students at the University of Houston. The 16-story building sits on a 1.3-acre site that is adjacent to campus. Units range in size from 497 to 1,985 square feet and are furnished with vinyl plank flooring, granite countertops, kitchen backsplashes, and stainless steel appliances. Amenities include study rooms on every floor, a fitness center with yoga and spin studios, outdoor kitchen space and a resort-style saltwater pool.

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